Thursday , November 14, 2019

Mastercard’s Cross-Border Clearing Role and other Digital Transactions News briefs from 9/11/19

  • Mastercard Inc. said it will act as the clearing and settlement network for a cross-border payments service the company has agreed to develop with R3, a blockchain-software vendor.
  • Some 74% of online transactions globally are for digital goods and services, with ride-share service and restaurant delivery ranking as the first and second most used on-demand services, according to data compiled by the First Data unit of Fiserv Inc.
  • TCM Bank, the credit card bank of ICBA Bancard, acquired the agent bank portfolio of Security BankCard Center Inc., which added $21 million in credit card receivables and 17,000 consumer and business credit card accounts. Terms were not disclosed. ICBA Bancard is the payments-services subsidiary of the Independent Community Bankers of America association.
  • Synchrony Financial, JPMorgan Chase & Co., and Capital One Financial Corp. led a group of major U.S. credit card issuers in second-quarter purchase-volume growth; all three posted year-over-year growth rates exceeding 10%, according to a new analysis from consulting and research firm Accenture.
  • Payments provider Repay Holdings Corp. joined the Symitar Vendor Integration Program, which is designed to ease integration of third-party payment products. Symitar is a unit of processor Jack Henry & Associates Inc.
  • National Grid, an energy supplier in the Northeast, said an integration with bill-payment provider doxo enables its 7 million customers to pay bills via Apple Pay and opt-in to paperless billing, among other choices.
  • Amtrak, the national passenger-rail service, updated its mobile app with several new features, including the ability to add up to three credit cards to a customer’s Amtrak Guest Rewards profile for quick checkouts, and the ability to book trips using Guest Rewards points.
  • Pointy, a service that supplies merchants with a device that connects to in-store barcode scanners to generate online Web sites for their inventories, said integrations with Vend, QuickBooks Cloud, and IdoSoft were completed. Pointy currently serves more than 15,000 retailers globally.
  • MyPayrollHR, a payroll-services subsidiary of ValueWise Corp., shut down last week, leaving employees of client companies without access to their earnings, according to media reports. The company also reportedly reversed some automated clearing house network payroll deposits, prompting ACH governing body Nacha to issue a statement saying “reversing a valid payroll deposit is not permitted under the Nacha rules.” Nacha said it is investigating and “working with financial institutions to undo or remedy any invalid transactions.”
  • Business-payments specialist Fleetcor Technologies Inc. announced Alexey Gavrilenya has become group president of the company’s North America fuel card business. Gavrilenya is currently head of Fleetcor’s European fuel card unit.

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